46: Supporting Elderly Parents

How do you manage to financially support your parents in adulthood? Are there boundaries you can set, and where do you even start? Let's discuss this and more in this week's episode of Money Feels!

We're your hosts, Alyssa and Bridget. Welcome to the podcast, where we talk through our money trauma and create a better understanding of building a healthy relationship with finance.

In today's episode, we discuss the following:

• Being a millennial with boomer parents and role reversal
• How do you talk to your parents about their money?
• Prompts to open the conversation
• The inability to prepare when you are your parents' retirement plan
• Statistics about giving to parents
• Cultural differences
• The shame and guilt parents face in asking for help
• Feelings of frustration and resentment
• How to decide what to give
• Setting boundaries and deciding what you give and how
• Separating your finances from theirs
• Splitting costs with siblings
• Feeling grateful for the time we have left

Resources:

• Mom and Dad, We Need to Talk by Cameron Huddleston
• Financial First Aid by Alyssa Davies
• U.S. Adults Provided $17.5 Billion in Support to Parents in 2020
• Canada’s Caregiver Credit

Thanks for listening to today's episode! If you want to keep listening, we've now launched our Patreon! You can subscribe for bonus episodes and extra content from your hosts. Thank you for listening to today's episode! Join us next week for a new one. Until then, follow us on Instagram @mixedupmoney, @bridgiecasey and @moneyfeelspodcast, and we’ll see you next time!